Early in 2022, Sheridan Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2021 and 2022 are shown below. Sales revenue Cost of goods sold Beginning inventory Ending inventory 2021 $3,500,000 $3,920,000 1,286,500 1,828,503 170,000 245,000 245,000 100,000 2022

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.